The third anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the second anniversary of the UAE-India Business Council (UIBC) UAE Chapter were commemorated at a high-profile event attended by key dignitaries, industry leaders, and government officials.
The gathering was graced by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister for Foreign Trade; Indian Ambassador to the UAE, Sunjay Sudhir; Consul General of India in Dubai; UIBC UAE Chapter Chairman, Faisal Kottikolon; and members of the UIBC Board of Governors.
In his keynote address, Dr Thani highlighted CEPA’s pivotal role in shaping the UAE’s global trade landscape, noting that the UAE’s non-oil trade with India grew by 20.5% year-on-year to AED 240.3 billion. He emphasized that the landmark agreement with India catalyzed the UAE’s subsequent trade deals with 25 other nations, further solidifying its position as a strategic global trade hub.
Ambassador Sunjay Sudhir stressed that CEPA extends beyond trade, fostering investment flows and people-to-people ties. He cited the introduction of the Local Currency Settlement mechanism, progress on the India-Middle East-Europe Economic Corridor (IMEC), and the rapid expansion of Indian businesses in the UAE as direct outcomes of the strengthened economic relationship. The ambassador also noted that major Indian corporations, including Ashok Leyland, Dabur, and Motherson, have recently expanded their presence in Ras Al Khaimah, leveraging the UAE’s favourable investment climate.
The role of human capital in strengthening bilateral relations was another key theme. The UAE’s commitment to attracting top Indian institutions such as the Indian Institute of Technology (IIT) Delhi’s Abu Dhabi campus, the upcoming Indian Institute of Management (IIM) Ahmedabad, and the Indian Institute of Foreign Trade (IIFT) campuses in Dubai was highlighted as a testament to the growing synergy in education and innovation.
The Consul General of India in Dubai underscored the significance of CEPA, noting that since its signing in February 2022, bilateral trade between India and the UAE has surged, reaching nearly $84 billion by March 2024. He expressed confidence that the two nations are on track to achieve the ambitious target of $100 billion in non-oil trade and $15 billion in services trade by 2030. Key initiatives such as the Local Currency Settlement mechanism, the IMEC corridor, and the Virtual Trade Corridor (VTC) were highlighted as crucial steps toward facilitating smoother and more cost-effective trade.
Faisal Kottikolon, Chairman of the UIBC UAE Chapter, reaffirmed the Council’s commitment to enhancing trade and investment cooperation. Reports on India’s renewable energy sector, an investment roadmap for India, and a guide to doing business in the UAE from the perspective of Indian investors developed in collaboration with SBI Capital Markets, were also released at the event. A coffee table book titled Opening New Gateways: Tourism Opportunities was unveiled. A panel discussion on the India-UAE growth story was also held, featuring key industry leaders.
As both nations continue to deepen their economic cooperation, the India-UAE partnership is emerging as a model for global trade and investment collaboration. The event concluded with a reaffirmation of the shared vision to further strengthen economic ties and unlock new opportunities for businesses and investors in both countries.
